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February 18, 2026 — 5:53pm
The road has been cleared for a complete overhaul of the Uptown shopping centre in Brisbane’s CBD after its sale was confirmed.
Vicinity Centres – which already had a 25 per cent stake in the complex – confirmed on Wednesday it would acquire the remainder of the former Myer Centre from IFM Investors for $212 million, plus stamp duty.
The deal is expected to be settled in April, with the takeover completed in June.
The block on Queen Street Mall is among the best-positioned retail spaces in Brisbane, but has hollowed out since key tenant Myer left in 2023.
In an announcement to the Australian stock exchange on Wednesday, Vicinity laid out its plans.
The company said the site would combine fashion, dining, technology, leisure and entertainment stores, and would mirror the Emporium in Melbourne’s CBD.
That Lonsdale Street centre has a particular focus on luxury brands, hosting Ralph Lauren, Oroton, Tommy Hilfiger, Hugo Boss, Rodd & Gunn, Ganni and Chanel stores.
“Uptown is a landmark retail asset with a long history and deep connection to Brisbane’s retail identity,” Vicinity said in a statement to the Australian stock exchange.
“By virtue of its existing and forecast total trade area, as well as the major state-led infrastructure projects intended to enhance the connectivity of Brisbane’s CBD in advance of the 2032 Olympic Games, Uptown has inherently strong growth potential.
“The CBD currently lacks a large-scale, full price retail offer, and we are confident that we have the blueprint to fill that gap.”
It added that the redevelopment would likely cost $300-$350 million – funded through debt and the sale of other assets – and would be completed by 2029.
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